Bitcoin Repeating the $6,000 Breach Pattern, Where Does it Puts BTC Price at?
- Bitcoin on the move and back at above $8,700
- Breaking $9,000 level is the carbon copy of the $6,000 break
- This could see us going to going to $18,700
After seeing a 12 percent drop from about $9,100 to below $8,000 this week, Bitcoin has started making recovery. However, today Bitcoin seems to be back into action as volatility makes a big-time entrance.
Today, in a matter of a few hours the leading cryptocurrency was able to move from $8,500 only to get a bigger push that led to $8,833 level. Currently, BTC/USD is trading at $8,721 with 24 hours gains of 2.45 percent. Meanwhile, it is managing the daily trading volume of over $22 billion per Coinmarketcap and $579 million, as per Messari’s Real 10, 24 hours volume.
Dem fractional tethers back to trading at a premium. pic.twitter.com/BerUNB48QR
— Strip Mall Status (@ledgerstatus) June 2, 2019
After having a monster rally last month that took us from $5,000 level to close to $9,000, we are now up 135 percent till date in 2019.
— CZ Binance (@cz_binance) June 2, 2019
Recently, crypto investor, The Crypto Dog shared how it will be game over for the bears once we break above $8,700. He further stated that we don’t need to FOMO until Bitcoin break this level which we did today.
If $BTC breaks $8700 it's game over for the bears and Vegeta is coming right back out.
— The Crypto Dog📈 (@TheCryptoDog) May 31, 2019
Bitcoin Repeating Pattern
Bitcoin is yet again trying to break the $9,000 level. This price action that sees Bitcoin attempting to break $9,000, crypto analyst FlibFlib notes in his latest analysis is the carbon copy of the same action we saw when Bitcoin was trying to break $6,000.
He further explains how there was bouncing between the 61.8% and 87.6% before we eventually break through the level only to extend out towards fib level 4.272 at $8,500.
In the wake of this pattern, FlibFlib sees the recent move at $9,000 going to $18,700.
Currently, we are on the move upwards as volatility returns in the market but it is yet to see if we will continue our uptrend and break much coveted $10,000 level or register a pullback again.